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WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, the City is <br /> authorized and empowered, and the City has determined, to issue its revenue bonds and to lend <br /> the proceeds thereof to the University in order to accomplish the Financing Purposes; and <br /> WHEREAS, pursuant to the Constitution and the laws of the State of Illinois, the City is <br /> now prepared to issue and sell its (i) Revenue Bonds (Millikin University), Series 2026A (the <br /> "Tax-Exempt Bonds") and its (ii) Taxable Revenue Bonds (Millikin University), Series 2026B <br /> (the "Taxable Bonds," and together with the Tax-Exempt Bonds, the "Bonds"), in an aggregate <br /> principal amount not to exceed $53,000,000, such Bonds to be secured by the Indenture (as <br /> hereinafter defined) and, except to the extent payable from Bond proceeds or income from the <br /> temporary investment thereof, to be payable solely from the revenues and receipts and other <br /> amounts received by the City pursuant to the Loan Agreement (as hereinafter defined), the <br /> Promissory Notes of the University (the "Notes") created thereunder, and the other sources <br /> identified in the Indenture; and <br /> WHEREAS, it is now necessary, desirable and in the best interests of the City to authorize <br /> the execution and delivery of a Loan Agreement (the "Loan Agreement"), between the City and <br /> the University; and <br /> WHEREAS, it is now necessary, desirable and in the best interests of the City to authorize <br /> the execution and delivery of a Trust Indenture (the "Indenture"), between the City and <br /> Amalgamated Bank of Chicago (the "Trustee"), and to designate the Trustee in connection <br /> therewith; and <br /> WHEREAS, it is now necessary, desirable and in the best interests of the City to authorize <br /> the execution and delivery of a Bond Purchase Agreement with respect to the Bonds (the "Bond <br /> Purchase Agreement"), among the City, the University and PNC Capital Markets LLC, as <br /> underwriter(the "Underwriter"); and <br /> WHEREAS, it is now necessary, desirable and in the best interests of the City to approve <br /> the preparation and distribution of a preliminary official statement (the "Preliminary Official <br /> Statement") and an official statement (the "Official Statement") in connection with the issuance <br /> and sale of the Bonds; and <br /> WHEREAS, it is now necessary, desirable and in the best interests of the City to approve <br /> the the execution and delivery by the University of a Mortgage and Security Agreement with <br /> Assignment of Rents and Leases and Financing Statement (the "Mortgage") in favor of the <br /> Trustee, which Mortgage grants to the Trustee a first mortgage lien on the University's interest in <br /> certain property described therein in order to provide certain security for the Bonds; and <br /> WHEREAS, there have been presented before the City Council of the City (the "City <br /> Council") forms of the following documents which the City Council proposes to approve the <br /> terms or distribution of and/or authorize the execution and delivery of(as applicable): <br /> 1. the Loan Agreement(including the forms of the Notes set forth therein); <br /> 2. the Indenture (including the forms of the Bonds set forth therein); <br /> -2- <br />